Results 1 to 13 of 13
-
01-05-2024, 10:39 AM #1
- Join Date
- Sep 2023
- Posts
- 16
Lenders that will actually consolidate to come in as a first position on strong file?
Looking for lenders that will actually consolidate 1-3 positions to come in as a first on strong files.
-
01-05-2024, 10:56 AM #2
SBA 7A if strong file.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
-
01-05-2024, 11:01 AM #3
- Join Date
- Mar 2020
- Posts
- 133
1 position almost everyone will do. 2 I've heard of before, but pretty rare. 3 or more, wouldn't that be sweet if someone would do that? I've never found someone who will, or even heard of someone doing it because whoever does it can all but guarantee they're going to get stacked. Let us know if you find someone though.
-
01-05-2024, 11:45 AM #4
- Join Date
- Nov 2019
- Posts
- 676
Most likely I will not payoff 3 positions to go into first because the cost of the merchant is more than doing another position 99% of the time. There is also more risk because the merchant may realize the cost to get the money is a lot more expensive and try to not payback on time to make the cost more beneficial. They can go right back and stack several times again. I have paid off a stack position or 2 and went into a stack position if it made sense and depending on the file and who the funders are. Then the merchant stayed with us as a first position and never stacked because they saw we look out for the merchants best interest. They also stay because we do not refinance our own balance on first position renewals we just add the new money o the back end and they do not pay for the new money until the old is finished which is kind of like a line of credit in a way.
Scott Platto
scott@tmrnow.com
tmrnow.com
212-220-9872
-
01-05-2024, 12:21 PM #5
paying off 3 positions very tough. The only two i can think of that would consider buying out 3, if the file is extremely strong, are biz2credit and IOU
Most A Paper & many aggressive B paper funders will pay off 2 or 1 position. Where to place, depends on how strong the file is, and how prime, or sub-prime, the applicant is.
Mulligan, Bizfund, Rapid, CFG, Greenbox, CAN, to name a few.
Nobody pays off C-D paper funders usually.
-
01-05-2024, 12:46 PM #6
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
Obviously, the prospect has a constant need for working capital. That being said, it would behoove you to present a revolving credit product. Another term product will likely lead them right back to searching for capital again at some point. The prospect has a constant need for working capital or is a poor shepherd of capital.....
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
-
01-05-2024, 01:56 PM #7
- Join Date
- Jul 2015
- Location
- Tampa Florida
- Posts
- 499
We consolidate multiple positions when it will put the merchant in a better position. We strictly fund based on the credit card processing sales volume.
Submissions:
Signed application
Most recent 6 months credit card processing statements (4 months if new business being considered)
Two most recent business bank statements (MTD after 20th)
Disclose any open positions with balance letters or balance screenshotsJason H l Sales & Business Development
Quikstone Capital Solutions l Tampa FL
Direct Line & Mobile 813-371-8233 l Fax 813-371-8233 l Text 727-492-8812
Jason.Hausle@quikstonecapital.com
www.quikstonecapital.com
Direct Lender Since 2005
-
01-09-2024, 01:45 PM #8
CEO
James G. Exarchou
James@click-n-loans.com
561-525-5497
https://click-n-loans.com/
https://www.linkedin.com/in/jamesgexarchou
-
01-10-2024, 01:22 PM #9
- Join Date
- Dec 2018
- Posts
- 37
no one , any companies that have in the past all got burnt and are no longer around as the 1st,2nd,3rd position funder got paid off early and all offered new deals ...
-
01-12-2024, 06:10 PM #10
- Join Date
- Dec 2022
- Posts
- 12
This is 100000% not true. Many many 1st position lender will pay of1,2 & a few even 3
I do this all the time, and my book is about 75% 1st and 2nd position only, and most of those deals came to me because I got their balance paid off and put them into a much much stronger deal.
-
01-15-2024, 10:16 AM #11
- Join Date
- Sep 2023
- Posts
- 16
Which lenders will come in and do this from previous experiance?
-
01-16-2024, 11:51 AM #12
- Join Date
- Dec 2018
- Posts
- 37
-
01-17-2024, 05:21 PM #13
- Join Date
- Sep 2021
- Posts
- 190
People saying yes but not giving a lender that does it smh
Similar Threads
-
Need strong 3rd position funder
By Quickfunder in forum Deal BinReplies: 12Last Post: 08-08-2022, 11:08 AM -
Looking For Either A Strong 5th Position or Consolidation
By Michael Jagiello BGF in forum Deal BinReplies: 9Last Post: 09-17-2018, 06:10 PM -
Any lenders who will consolidate just one position out of three?
By Quickfunder in forum Deal BinReplies: 3Last Post: 03-16-2018, 03:20 PM -
Looking for lenders that consolidate
By mbark in forum Deal BinReplies: 7Last Post: 10-26-2016, 01:54 PM -
Strong File - But Medium Balance. Who gives the highest approvals
By Quickfunder in forum Deal BinReplies: 12Last Post: 05-13-2014, 10:44 AM